prev

Burning The Buck

BURNING THE BUCK

 

 

CLIENT TALKING POINTS

 

BURNING THE BUCK

Debasing the dollar is the name of the game these days. With the growth slowing, we’ve increased our fixed-income asset allocation and have it nearly maxed out at 30%. Why? We’re buyers of the TLT ETF on red. Stocks and commodities may get a short-term jolt when Bernanke comes out swinging, but after the party dies down, it’s time to reconsider what to do with your portfolio. You can’t just keep holding on to longs and praying for more Jackson Hole-esque speeches. Yields on the 10-year are up, commodities are up and oil is up with gasoline approaching $4 a gallon (it’s already here in New York). These shenanigans will continue week after week as the US dollar is destroyed by the Fed as It tries to inflate our economy. But things change – remember that.

 

 

CHINA CONTINUES TO DETERIORATE

Chinese stocks have been getting smoked and are down nearly -16% since May. And overnight, stocks dropped -2.1%. If this isn’t a sign that China growth is slowing, then we don’t know what is. People still keep warning of a coming “crash” in China. That crash has already happened and is a thing of the past. The crash is continuing, not beginning. And with China down, copper continues to head lower with futures falling -1% this morning and failing March highs. “If you build it, they will come,” worked well for Kevin Costner in Field of Dreams but it doesn’t work for the Chinese housing market. There won’t be any kind of stimulus a la Bernanke anytime soon because they realize the repercussions of higher oil prices and food prices.

 

 

_______________________________________________________

 

ASSET ALLOCATION

 

Cash:                  DOWN

 

U.S. Equities:   Flat

 

Int'l Equities:   Flat   

 

Commodities: Flat

 

Fixed Income:  UP

 

Int'l Currencies: Flat  

 

 

_______________________________________________________

 

TOP LONG IDEAS

 

NIKE INC (NKE)

Nike’s challenges are well-telegraphed. But the reality is that its top line is extremely strong, and the Olympics has just given Nike all the ammo it needs to marry product with marketing and grow in the 10% range for the next 2 years. With margin pressures easing, and Cole Haan and Umbro soon to be divested, the model is getting more focused and profitable.

  • TRADE:  LONG
  • TREND:  LONG
  • TAIL:      LONG            

 

PACCAR (PCAR)

Emissions regulations in the US focusing on greenhouse gases should end the disruptive pre-buy cycle and allow PCAR to improve margins. Improved capacity utilization, truck fleet aging, and less volatile used truck prices all should support higher long-run profitability. In the near-term, Paccar may benefit from engine certification issues at Navistar, allowing it to gain market share. Longer-term, Paccar enjos a strong position in a structurally advantaged industry and an attractive valuation.

  • TRADE:  LONG
  • TREND:  LONG
  • TAIL:      LONG

 

LAS VEGAS SANDS (LVS)

LVS finally reached and has maintained its 20% Macau gaming share, thanks to Sands Cotai Central (SCC). With SCC continuing to ramp up, we expect that level to hold and maybe, even improve. Macau sentiment has reached a yearly low but we see improvement ahead.

  • TRADE:  LONG
  • TREND:  NEUTRAL
  • TAIL:      NEUTRAL

  

_______________________________________________________

 

THREE FOR THE ROAD

 

TWEET OF THE DAY

“Overheard on Wall and Broad: "Is this an Occupy protest or are they filming the sequel to Newsies?”” -@ReformedBroker

 

 

QUOTE OF THE DAY

“A superstition is a premature explanation that overstays its time.” –George Iles

                       

 

STAT OF THE DAY

Italy’s short selling ban expired Friday night. Have at it.

 

 

 


THE M3: LAND FREEZE/MSC; SJM COTAI; GUANGZHOU-ZHUHAI RAILWAY; GONGBEI PORT; S'PORE HOME SALES; VISA

The Macau Metro Monitor, September 17, 2012

 

 

LAND FREEZE FOR CASINOS STILL ON: FRANCIS TAM Macau Business

Secretary Tam said that the freeze on new land for casinos continues to remain in place.  In 2008, Macau CEO Edmund Ho Hau Wah announced a freeze on new land for casinos but pledged to honour existing agreements with operators.  That included all casino projects filed before 2008 and still under consideration. But Mr Tam said that any gaming operator could still file requests to the gaming regulator to open new casinos, if it didn’t involve a land grant.

 

According to some analysts, this is how MPEL is likely to include a casino at its Studio City project in Cotai. This method has previously been allowed for gambling facilities in new hotel-casinos that are not fully-owned by a gaming operator, as it is the case of Studio City.  Because the land is granted to companies that don’t have a casino licence (or are not fully-owned subsidiaries of a concessionaire), the inclusion of gaming facilities in the land contract could raise legal issues.


In such cases, the request to include a casino is therefore made separately from the land concession request, and by a licenced gaming operator. The gaming licence holder requests government approval to operate gambling facilities as a service provider at those properties.  This is the kind of arrangement that allowed the Ponte 16 and L’Arc casino-hotels to accommodate gaming facilities.

 

SJM WANTS TO HAVE 600 TABLES IN COTAI Macau Business

CEO Ambrose So said SJM wants to have up to 600 live gaming tables in Cotai.  

 

GUANGZHOU TO ZHUHAI RAILWAY COMMENCED IN OCTOBER Macau Daily News

The Guangzhou-Zhuhai Intercity Railway between Jinding and Gongbei, will be operational in October.  The extension connecting Gongbei and Hengqin will open by the end of 2012.  Guangdong and Macau has reached an agreement on the route design so that the extended section will have a seamless connection with Macau's light rail system. The next extension project will connect Hengqin with the Zhuhai Airport.

 

GONGBEI PORT EXPANSION TO BE COMPLETED BY END OF 2012 Macau Daily News

Phase I of the Gongbei port expansion project is expected to be finished in early 2013, expecting to handle a daily passenger capacity of up to 350,000 and when the entire project is completed, the clearance capacity can be raised to 500,000 people daily.

 

SINGAPORE PRIVATE HOME SALES DOWN 27% IN AUGUST Reuters

Developers in Singapore sold 1,421 residential units last month excluding executive condominiums (EC), a category of apartments reserved mainly for Singaporeans, down from 1,946 in July, but higher than 1,371 in June.  Including ECs, August home sales was 1,539 units, down 25.7% from July.  The decline in home sales in August could have been partly due to the Hungry Ghost Month which typically sees fewer buyers in the market. 

 

MAINLAND CONSIDERING MULTI-ENTRY VISA FOR ZHUHAI CITIZENS Macau Daily News

Beijing is considering to grant Zhuhai citizens multi-entry visa to Macau, however, a timetable for such is yet to be confirmed.  Responsible authorities are still studying on the feasibility and consulting the Macau government to assess whether the checkpoint could handle the passenger capacity and also whether Macau can handle an increase in tourist arrivals.  Qualified permanent residents account for 1 million.

 


MONDAY MORNING RISK MONITOR: QE3 HAS LANDED ... NOW WHAT?

Takeaway: Impressive rallies around the globe. Yield spreads rose as default risk plunged. Even Chinese steel caught a bid.

Key Takeaways

*QE3 has landed, what now? - Banks swaps and sovereign swaps in America, Europe, and Asia all tightened WoW, benefitting from the Fed's QE3 announcement on Thursday. Where do we go from here? We've profiled how the components and subsectors of the financial space in the United States have acted during the last 2 quantitative easing programs in a note entitled "Quantitative Easing Redux: Winners and Losers". In this note we provide a framework for positioning in the months ahead. The note can be found here.

 

*Commodity prices up, junk bond yields down - The JOC commodity index rose again WoW, marking only the second consecutive positive week for the index since the middle of 2011. Meanwhile, junk bond prices continue to make new highs. 

 

* The 2-10 spread widened sharply WoW. Finally, some reprieve for bank margins, though it seems counterintuitive to think this can last given the amount of firepower the Fed is aiming at the long end of the curve.

 

* High Yield rates fell 36 bps last week, ending the week at 6.51% versus 6.86% the prior week.

 

* MCDX: Last week municipal default swaps tightened 16 bps, ending the week at 136 bps.  

 

* Even Chinese steel gets a little lift - Chinese steel rose 2.6% WoW.

 

* Our Macro team’s quantitative setup in the XLF shows 0.6% upside to TRADE resistance and 3.2% downside to TRADE support. 

 

Financial Risk Monitor Summary  

• Short-term(WoW): Positive / 11 of 12 improved / 0 out of 12 worsened / 2 of 12 unchanged

• Intermediate-term(WoW): Positive / 9 of 12 improved / 2 out of 12 worsened / 2 of 12 unchanged  

• Long-term(WoW): Positive / 7 of 12 improved / 2 out of 12 worsened / 4 of 12 unchanged

 

MONDAY MORNING RISK MONITOR: QE3 HAS LANDED ... NOW WHAT? - Summary2

 

1. American Financials CDS - QE3 lifts all boats.  

 

Tightened the most WoW: MS, RDN, GS

Tightened the least WoW: COF, MBI, CB

Tightened the most WoW: BAC, GS, MS

Tightened the least MoM: COF, MBI, JPM

 

MONDAY MORNING RISK MONITOR: QE3 HAS LANDED ... NOW WHAT? - American CDS

 

2. European Financials CDS -  French, German, Italian, Spanish, and Greek bank swaps all traded lower last week. Spanish banks were notably improved last week, with some reference entities seeing swaps decline by more than 20%.

 

MONDAY MORNING RISK MONITOR: QE3 HAS LANDED ... NOW WHAT? - European

 

3. Asian Financial CDS - The global enthusiasm made it all the way to Asia, where Japanese, Chinese and Indian banks all saw default swaps tighten.

 

MONDAY MORNING RISK MONITOR: QE3 HAS LANDED ... NOW WHAT? - Asian

 

4. Sovereign CDS – Sovereign Swaps tightened around the globe last week. As the table below shows, the market thinks the ECB and Fed have driven global risk to the lowest levels this year.  

 

MONDAY MORNING RISK MONITOR: QE3 HAS LANDED ... NOW WHAT? - Sov table

 

MONDAY MORNING RISK MONITOR: QE3 HAS LANDED ... NOW WHAT? - Sov 1

 

MONDAY MORNING RISK MONITOR: QE3 HAS LANDED ... NOW WHAT? - Sov 2

 

5. High Yield (YTM) Monitor – High Yield rates fell 36 bps last week, ending the week at 6.51% versus 6.86% the prior week.

 

MONDAY MORNING RISK MONITOR: QE3 HAS LANDED ... NOW WHAT? - HY

 

6. Leveraged Loan Index Monitor The Leveraged Loan Index rose 12.3 points last week, ending at 1728.

 

MONDAY MORNING RISK MONITOR: QE3 HAS LANDED ... NOW WHAT? - LLI

 

 

7. TED Spread The TED spread fell 2 bps last week, ending the week at 28.6 bps this week versus last week’s print of 30.4 bps.

 

MONDAY MORNING RISK MONITOR: QE3 HAS LANDED ... NOW WHAT? - TED

 

8. Journal of Commerce Commodity Price IndexThe JOC index rose 4.3 points, ending the week at 5.34 versus 1.0 the prior week.

 

MONDAY MORNING RISK MONITOR: QE3 HAS LANDED ... NOW WHAT? - JOC 2

 

9. Euribor-OIS spread –  The Euribor-OIS spread tightened by 1 bps to 17 bps. We're not sure how much lower this series can go from here.  The Euribor-OIS spread (the difference between the euro interbank lending rate and overnight indexed swaps) measures bank counterparty risk in the Eurozone. The OIS is analogous to the effective Fed Funds rate in the United States.  Banks lending at the OIS do not swap principal, so counterparty risk in the OIS is minimal.  By contrast, the Euribor rate is the rate offered for unsecured interbank lending.  Thus, the spread between the two isolates counterparty risk.

 

MONDAY MORNING RISK MONITOR: QE3 HAS LANDED ... NOW WHAT? - Euribor OIS

 

10. ECB Liquidity Recourse to the Deposit Facility – The ECB Liquidity Recourse to the Deposit Facility measures banks’ overnight deposits with the ECB.  Taken in conjunction with excess reserves, the ECB deposit facility measures excess liquidity in the Euro banking system.  An increase in this metric shows that banks are borrowing from the ECB.  In other words, the deposit facility measures one element of the ECB response to the crisis.  

 

MONDAY MORNING RISK MONITOR: QE3 HAS LANDED ... NOW WHAT? - ECB

 

11. Markit MCDX Index Monitor – Last week spreads tightened 16 bps, ending the week at 136 bps versus 152 bps the prior week. The Markit MCDX is a measure of municipal credit default swaps. We believe this index is a useful indicator of pressure in state and local governments. Markit publishes index values daily on six 5-year tenor baskets including 50 reference entities each. Each basket includes a diversified pool of revenue and GO bonds from a broad array of states. We track the 16-V1. 

 

MONDAY MORNING RISK MONITOR: QE3 HAS LANDED ... NOW WHAT? - MCDX

 

12. Chinese Steel - Steel prices in China rose 2.6% last week, or 89 yuan/ton, to 3477 yuan/ton. In the last four months, Chinese construction steel prices have fallen ~16%. The trend in this series reflects significant weakness in China's construction market. Chinese steel rebar prices have been generally moving lower since August of last year. We use Chinese steel rebar prices to gauge Chinese construction activity, and, by extension, the health of the Chinese economy.

 

MONDAY MORNING RISK MONITOR: QE3 HAS LANDED ... NOW WHAT? - CHIS

 

13. 2-10 Spread – We track the 2-10 spread as an indicator of bank margin pressure.  Last week the 2-10 spread widened to 161 bps, 20 bps wider than a week ago.

 

MONDAY MORNING RISK MONITOR: QE3 HAS LANDED ... NOW WHAT? - 2 10

 

14. XLF Macro Quantitative Setup – Our Macro team’s quantitative setup in the XLF shows 0.6% upside to TRADE resistance and 3.2% downside to TRADE support. 

 

MONDAY MORNING RISK MONITOR: QE3 HAS LANDED ... NOW WHAT? - XLF

 

Margin Debt - July: +0.61 standard deviations 

NYSE Margin debt fell  to $278 billion in July from $285 billion in June. We like to to look at margin debt levels as a broad contrarian sentiment indicator. For reference, our approach is to look at margin debt levels in standard deviation terms over the period 1. Our analysis finds that when margin debt gets to +1.5 standard deviations or greater, as it did in April of 2011, it has historically been a signal of significant risk in the equity market. The preceding two instances were followed by the equity market losing roughly half its value over the following 24-36 months. Overall this setup represents a long-term headwind for the market. One limitation of this series is that it is reported on a lag.  The chart shows data through July. 

 

MONDAY MORNING RISK MONITOR: QE3 HAS LANDED ... NOW WHAT? - NYSE margin debt

 

Joshua Steiner, CFA

 

Robert Belsky

 

Having trouble viewing the charts in this email?  Please click the link at the bottom of the note to view in your browser.   

 


real-time alerts

real edge in real-time

This indispensable trading tool is based on a risk management signaling process Hedgeye CEO Keith McCullough developed during his years as a hedge fund manager and continues to refine. Nearly every trading day, you’ll receive Keith’s latest signals - buy, sell, short or cover.


Vain Hope

“I wouldn’t give much for a man who warms himself with the comfort of vain hopes.”

-Sophocles

 

Hope is a lot of things, but it’s not a risk management process. The higher commodity and stock market inflations go, the less likely it is that the global economy recovers.

 

With a 0% asset allocation to commodities and a time stamped short position in the SP500 (SPY), I obviously lost last week’s battle with Ben Bernanke. That doesn’t make this war with Keynesian Academics over. It means it has just begun.

 

If Bernanke thinks that compressing the next 3 years of Equity returns into the last 3 months before a US Election is “price stability”, that probably means things are just about to get volatile, again.

 

Back to the Global Macro Grind

 

I get things wrong. But when I do, I don’t put the country’s long standing liberties and structural employment at risk. Bernanke does. If I have one sincere hope for this country, it’s that this un-elected man thinks about that before he goes to bed at night.

 

To obfuscate the truth about currency debasement and real-time inflation expectations is one thing. To not be held accountable to these economic realities by the President of the United States is entirely another. Both Bush and Obama own this legacy of Bernanke’s economic storytelling.

 

Immediate and intermediate-term facts about Inflation Expectations:

  1. 10-yr breakevens (Inflation Expectations) moved right back to record highs last week (not YTD highs, record highs)
  2. CRB Commodities Index Inflation just crashed to the upside, +2.9% wk-over-wk, and +20% since June
  3. Oil price inflation (Brent) was up over +2.7% last week, +33% since June; US gas prices are now pushing back to $4

Sure, US and Russian stocks were up +1.9% and +7.4%, respectively, last week on that – but that’s nothing compared to the +153% YTD move in Venezuelan stocks post a Chavez currency devaluation! What did that do for the economic health of the Venezuelan people again?

 

With Bernanke Burning The Buck (see Chart of The Day), the US Dollar Index was down for the 5th consecutive week. In the face of its -1.7% wk-over-wk inverse “to infinity and beyond” money printing move, here’s what other things priced in Dollars did:

  1. Coffee +11.1%
  2. Natural Gas +10.4%
  3. Rubber +6.7%

I know, I know. Instead of picking Copper, Gold, and Oil that inflated +2-6% last week, I’m cherry-picking some stuff you might need as you take tax-payer funded car service to your office in Washington D.C. every day.

 

Heck, maybe there’s going to be what Keynesian students of economic theories-failed call “substitution” and “multiplier” effects… and you’re going to start drinking Red Bull instead of coffee in the morning – right pumped to chase the market even higher!

 

Another way to look at Inflation Expectations Rising is, of course, the futures and options markets (CFTC data):

  1. Last week’s CFTC options contracts were up another +0.3% at all-time highs (1.33 million contracts outstanding)
  2. Gold contracts = up another +14% wk-over-wk (after being up +35% and +10% in the 2 wks prior) to their February highs
  3. Oil contracts shot north of 203,000, their highest level since Oil topped in February-March 7% higher than Friday’s close

People who trade market expectations, run long-term money, and/or do math obviously get this. That’s why the biggest macro call I missed in the last 6 months was probably issued during a super special deflationary dinner in Jackson Hole in August.

 

Do you think Bernanke and his boys told anyone he was going to do this? That’s just a question, not an answer – and one, looking back, that you should have asked yourself during the Hank Paulson TARP. Does it help people trust our markets more or less?

 

Sadly, this is how the Old Wall still works - but where it counts for The People (cost of living, jobs, etc.), it’s not working. If this man thinks his Vain Hope of a +2.5-3% US GDP recovery in 2013 is kidding this accurate GDP Growth forecasting firm, he’s going to be in for a long battle with some fact-based Tweet-heat. If anything, the probability of a US Recession in 2013 just went up.

 

*2007-2012 Federal Reserve Money Printing Fact: Policies To Inflate via currency devaluation slow real-inflation adjusted economic global growth. China’s stock market fell -2.1% last night (down -15.5% since May) after Singapore reported a nasty -10.6% export growth report for August as commodity price margin pressures continued to rise, dampening demand.

 

My immediate-term support and resistance risk ranges for Gold, Oil (Brent), US Dollar Index, EUR/USD, UST 10yr Yield, and the SP500 are now $1, $114.83-116.94, $78.57-80.31, $1.28-1.31, 1.70-1.87%, and 1, respectively.

 

Best of luck out there this week,

KM

 

Keith R. McCullough
Chief Executive Officer

 

Vain Hope - Chart of the Day

 

Vain Hope - Virtual Portfolio


THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – September 17, 2012


As we look at today’s set up for the S&P 500, the range is 40 points or -2.24% downside to 1433 and 0.49% upside to 1473. 

                                            

SECTOR AND GLOBAL PERFORMANCE


THE HEDGEYE DAILY OUTLOOK - 1

 

THE HEDGEYE DAILY OUTLOOK - 2

 

THE HEDGEYE DAILY OUTLOOK - 3

 

 

EQUITY SENTIMENT: 

  • ADVANCE/DECLINE LINE: on 09/14 NYSE 1130
    • Decrease versus the prior day’s trading of 1701
  • VOLUME: on 09/14 NYSE 899.79
    • Increase versus prior day’s trading of 12.15%
  • VIX:  as of 09/14 was at 14.51
    • Increase versus most recent day’s trading of 3.27%
    • Year-to-date decrease of -37.99%
  • SPX PUT/CALL RATIO: as of 09/14 closed at 1.06
    • Down  from the day prior at 1.11 

CREDIT/ECONOMIC MARKET LOOK:

  • TED SPREAD: as of this morning 28.86
  • 3-MONTH T-BILL YIELD: as of this morning 0.10%
  • 10-Year: as of this morning 1.87%
    • Unchanged from prior day’s trading
  • YIELD CURVE: as of this morning 1.63
    • Up from prior day’s trading at 1.62 

MACRO DATA POINTS (Bloomberg Estimates)

  • Rates Weekly Agenda
  • 8:30am: Empire State Manuf., Sept. est. -2 (prior -5.85)
  • 11am: Fed to buy $4.5b-$5.5b notes due 11/15/2020-8/15/2022
  • 1am: Fed to sell $7b-$8b in notes 12/31/2014-5/31/2015
  • 11:30am: U.S. to sell 3-mo, 6-mo bills
  • 4pm: USDA crop-condition reports 

GOVERNMENT:

    • House, Senate in session
    • U.S. Defense Secretary Leon Panetta begins China visit

WHAT TO WATCH:

  • Homebuilding probably climbed with sales: U.S. eco preview
  • China home sales fall 4.7% in week ended Sept. 14: CEBM
  • Obama administration to announce trade complaints against China in Ohio
  • Ford picked by Canadian auto union as target in labor talks; current labor contact expires at 11:59pm tonight
  • Finance industry warns of “cliff effect” in ECB bond plan
  • Russian central bank starts $5b sale of Sberbank shares
  • India’s central bank unexpectedly cuts cash reserve ratio to 4.5%; holds key interest rate at 8%
  • BAE/EADS merger may flush out other suitors, Moody’s says
  • U.S. junk-bond yields fall below 7% for fist time: index data
  • Shell won’t drill for oil in Alaska this year after dome damaged
  • Emanuel promises suit to end Chicago strike as teacher balk on contract
  • Rosh Hashanah/Jewish New Year begins

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

 

COPPER – China down, Copper down almost 1% here this morning, after taking a vertical 3wk leap at its Feb/Mar highs; lower-long term highs remain intact.

  • Bullish Wagers at 16-Month High as Citi Sees Gains: Commodities
  • Hedge Funds Boost Bets as QE3 Pushes Oil to $100: Energy Markets
  • U.S. Hooked on Russian Crude Amid Shale Boom: Chart of the Day
  • Copper Falls on Speculation Rally to 4-Month High Was Overdone
  • Oil Trades Near Four-Month High on Signs of Improving Economy
  • Gold Seen Gaining in London as Stimulus Boosts Investor Demand
  • Wheat Drops as Rains Improve Crop Prospects in U.S., Australia
  • Coffee Rises in New York on Brazil Quality Concerns; Cocoa Falls
  • Ex-Touradji Trader Crone Starts Citrine Commodity Hedge Fund
  • Low Prices May Keep Aluminum Surplus Manageable in Near Term
  • Fed’s QE3 Signals Gold Rise to $2,000 by March: Chart of the Day
  • Rebar in Shanghai Declines on China Economic Slowdown Concern
  • Blackouts Spur $18 Billion Power Grid Upgrade: Corporate India
  • Piracy Fight Goes Awry as Nations Fail to Stop Killing Fishermen
  • Myanmar Gets Record Investment After Years of Isolation: Energy
  • Producer Destocking Balances Higher Exchange Aluminum Inventory

THE HEDGEYE DAILY OUTLOOK - 4

 

 

CURRENCIES


THE HEDGEYE DAILY OUTLOOK - 5

 

 

EUROPEAN MARKETS


THE HEDGEYE DAILY OUTLOOK - 6

 

 

ASIAN MARKETS


CHINA – Chinese stocks got smoked for a -2.1% drop, snapping my immediate-term TRADE line of 2107 support on the Shanghai Comp again overnight after China refuses to deliver on stimulus expectations (Food/Oil and Hong Kong property bubble up is not what they want more of via Qe3). Japan vs China heating up the headlines too.

 

SINGAPORE – We may have had the 3wk central planning rip in asset inflation wrong, but that’s making us more right on #GrowthSlowing, globally. Singapore just printed a bomb of a non-oil Export report at -10.6% y/y for AUG. That’s an important Global Macro leading indicator as we head into a very low growth rev/eps season.

 

THE HEDGEYE DAILY OUTLOOK - 7

 

 

MIDDLE EAST


THE HEDGEYE DAILY OUTLOOK - 8

 

 

 

The Hedgeye Macro Team


Daily Trading Ranges

20 Proprietary Risk Ranges

Daily Trading Ranges is designed to help you understand where you’re buying and selling within the risk range and help you make better sales at the top end of the range and purchases at the low end.

next